Proxy advisors as gatekeepers of shareholder dissent: A cross-national investigation of influence and effectiveness
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Authors
Sauerwald, S.
Van Oosterhout, H.
Van Essen, M.
Peng, Mike
Date
2015Type
Conference Paper
Metadata
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Sauerwald, S. and Van Oosterhout, H. and Van Essen, M. and Peng, M. 2015. Proxy advisors as gatekeepers of shareholder dissent: A cross-national investigation of influence and effectiveness, pp. 1025-1030.
Source Title
75th Annual Meeting of the Academy of Management, AOM 2015
School
School of Management
Collection
Abstract
Proxy advisors are information intermediaries that provide voting recommendations to shareholders. Drawing on agency theory and the comparative corporate governance literature, we find that firm internal monitoring mechanisms substitute for proxy advice, and that proxy advice is less influential and has a lower predictive quality in relationship-based corporate governance contexts.
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